Wednesday, August 02, 2006
Daily Market Commentary
Updated Tuesday, 8/1 for Wednesday's market
Break & Decline
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Updated Tuesday, 8/1 for Wednesday's market
| Key DOW Levels for 8/2 | |
| UP | Above 11,250 |
| DN | Below 11,075 |
Break & Decline
- Dow breaks tight consolidation to downside, sells off throughout much of session. The index got a nice bounce to the Close, but still ended the day with a 60 point loss. The index is now holding above near-term support and continues to hold at the top of a very large trading range, which we will continue to watch..
- The NASDAQ and S&P sold off steadily throughout most of the session today, but are currently holding at clear support levels. Watch support closely for the next key move.
Summary
The Dow sold off steadily to begin the session today, but held firmly at support at 11,080. A break of this support level will signal much more weakness ahead. However, if the index can remain above this zone, we could see another test of the upper boundary of the large trading range at 11,250.
- The NASDAQ and S&P sold off steadily throughout most of the session today, but are currently holding at clear support levels. Watch support closely for the next key move.
Summary
The Dow sold off steadily to begin the session today, but held firmly at support at 11,080. A break of this support level will signal much more weakness ahead. However, if the index can remain above this zone, we could see another test of the upper boundary of the large trading range at 11,250.
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